North Carolina Down Payment Support Programs

Online Merchant account - The North Carolina Housing Finance Agency has two great programs for first-time Home Buyers. These programs will be the deposit Assistance Program as well as the Mortgage Credit Certificate.

Should you qualify for one of those plans and you buy a house between December 1, 2009 and January 1, 2009, you might also qualify for the $8,000 tax credit only enacted into law in the Federal Economic Stimulus Plan.

First, who is a first-time Home Buyer? There is a first-time Home Buyer someone who hasn't owned a home in the prior three years. It is precisely the same qualifying definition.

A Mortgage Credit Certificate (MCC) is a federal tax credit to help home buyers with moderate and low incomes. The MCC takes this a step further.

Should you are eligible for the MCC, you are able to claim 20% of the interest you pay as a credit on your own federal income taxes on your own mortgage. It is possible to save up to $2,000 on your taxes.

If you do qualify for 2009, for the MCC, you may find a way to join this with the $8,000 tax credit. This would reduce the tax liability of a buyer's .

Who Qualifies for an MCC?

Household income is defined as the “gross income of the mortgagor and any man expected to live in the dwelling who's 18 years old or older.”

The income and house price limitations that apply in Durham, Orange and Chatham Counties are given below.

MCC Income Limits 1 Person $61,500 2 Individuals $61,500 3 Men $70,500 4 Individuals $70,500

MCC Sales Price Limits New Home $220,000 Existing Dwelling $210,000

Who Qualifies for Down Payment Help?

The buyer just has to pay and the load would pay up to .

This plan has more rigorous income limits than the MCC program summarized above. Like the MCC program, it can be utilized together with the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The down payment assistance, nonetheless, can not be utilized in conjunction with all the MCC. That is an either or situation.

House price limits that apply in Durham Orange and Chatham Counties and the income are listed below.

Down Payment Assistance Income Limits

1 Person $39,950 2 Persons $45,650 3 Persons $51,350 4 Individuals $57,050

Down Payment Assistance Sales Cost Limits New Dwelling $210,000 Existing House $210,000